US Dollar Technical Analysis: Prices Pause to Digest Advance
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11965, 11854, 11737
- Resistance:12107, 12221, 12335
The Dow Jones FXCM US Dollar Index is digesting gains after issuing the largest daily advance in six weeks. A daily close above the 38.2% Fibonacci expansionat 12107 exposes the 50% level at 12221. Alternatively, a reversal below the 23.6% Fib at 11965 clears the way for a test of the 11854-76 area (14.6% Fibonacci expansion, March 2009 high).
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Daily Chart - Created Using FXCM Marketscope
** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.